Retirement – Passing a new phase of life with a healthier and longer living

During the 20th century, the average life of the people was expected to be 47 years. However, in the 21st century, the average Americans look forward to live till at least 78 years. As per the National Center for Health Statistics, the individuals who will reach 65 years is expected to live till 82 to 85 years for men and 85 to 88 years for women in the coming years. Improvement in health with the preventative medicines is one of the main causes that are enabling the people to enjoy longer span of life. Medical progresses varying from beta blockers that control hypertension to replacing the hips enable the aged Americans to stay active.You may buy the 21st century insurance so as to keep your old age protected so that you may be able to live safely for few more years.

Retirement – What does it mean in actual?

Retirement means something different for every one. In spite of your decision, you’ll need to formulate a financial plan that is best suited for your future. The first thing that you need to take into consideration is to look at your sources of retirement income. By paying proper attention to the financial press, you’ll come across at least a few commentators who speak about the future of the American retirees, decreeing a deficient of savings and warning of the forthcoming growth of the elderly population.

Staying younger even at the age of 65 – How is this possible?

It is all about thinking in a new way about age. Gail Sheehy, in her best-selling book, New Passages, fights that the “midlife passage” usually thought to take place at the age of 40 now occurs to be a decade later. According to Sheehy, the period between the age group 45 and 65 is no longer considered to be middle and old age but a “second adulthood.” Psychologist Ken Dychtwald, who is the chief executive officer of Age Wave Inc. of a California-based consulting firm, also draws new lines on age. According to him, the individuals, aged between 25 to 40 years are said to be young adulthood, while the individuals, aged between 40 to 60 years consist of a new stage known as “middlescence.” Then comes the late adulthood aged between 60 to 80 years which is finally followed by old age, between 80 to 100 years.

The present generations aged Americans do not hesitate to change their jobs or careers in the quest for making their life interesting as well as enjoyable. A survey of workers on a national scale revealed that 70% of respondents wish to continue with their work even after retirement as per their capacity.

Depending only on your pension – Is this the right decision?

There is extensive concern about at least one traditional income source for the retirees. This is the Social Security. Under the present circumstances, the Social Security funds may fall short of needs by the year 2040.However, the reality is that Social Security was aimed only to enhance the other sources of retirement income. In fact, Social Security advantages account for only 36% of all income that are received by the retirees and one-third of retirees depend on Social Security for 90% or more of their income.

The pension plans, once considered to be a part of retirement income, only account for 18% of the retirement-income pie. In the current years, the employers have been shifting from traditional defined-benefit plans based on income and years of service to defined-contribution plans, such as 401(k) plans, that are funded mostly by the employees.

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